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Boston’s .406 Ventures closes second fund on $175m

18 Dec 2012

Boston-based early stage enterprise IT investor .406 Ventures has closed its second fund, Point 406 Ventures II, with just over $175m in commitments.

The fund exceeded its initial target of $175m following strong support from existing investors along with new commitments from other leading institutional investors including endowments, foundations, public and private pensions and family offices, the firm said in a statement today.

“We are gratified, in this challenging fundraising environment, to have earned the continued support from Fund I investors and we are very pleased to welcome several exceptional new investors to the team,” said founding general partner Liam Donohue, pictured.

“We believe our success in raising Fund II is a testament to our disciplined early stage, enterprise information technology focus; the performance of our Fund I portfolio and the quality of our team.”

Established in 2006, .406 Ventures focuses exclusively on early stage, enterprise IT companies, with a particular focus on companies in the IT security, healthcare IT and web infrastructure spaces.

Its team includes founding general partners Larry Begley, Maria Cirino and Liam Donohue and principals Graham Brooks and Greg Dracon.

Begley added, “We believe that the support for .406 II is also a positive indication of investors belief that Boston remains a vibrant market for venture capital investing, especially in the areas where .406 focuses.”

Just last month the firm participated in a $25m financing round for open source video platform Kaltura, which was led by ORIX Ventures and the investment arm of Japanese trading giant Mitsui.